Over the past six months, the two ministries coordinated to adjust the domestic price in a flexible manner in accordance with the market mechanism and use financial instruments to rein in rising prices.
Since the beginning of the year, the two ministries have permitted petrol retailers to adjust prices 10 times following the world market.
As of July 7, 2014, the petroleum price stabilization fund was on the verge of exhaustion without any price hike.
Addressing the event, PM Dung agreed that the price management has followed the regulations stipulated on Decree 84 on petrol and oil trading under the market mechanism and spent the fund in a public and transparent manner.
He asked the relevant ministries to keep a close watch on the global price and take measures in response to unexpected price hikes in the world market.
The Government chief also requested strict enforcement of petrol price management principles, adequate supply for production and consumption, prevent cross-border fuel smuggling, adjust retail prices in an appropriate manner.
He tasked the two ministries to provide information about the developments of the world petrol market and usage of the fund./.
By Khanh Phuong
